Vale SA ADR (VALE) financial statements
Vale SA ADR reported revenue of $38.4B in fiscal 2025, up 3.8% a year over 9 years.
Net income was $2.4B and the operating margin 15.4%, against 25.7% in 2016.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Vale SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $27.5B | $34.0B | $36.6B | $36.5B | $39.5B | $54.5B | $43.8B | $41.8B | $38.1B | $38.4B |
| Cost of revenue | $17.6B | $21.0B | $22.1B | $19.3B | $17.6B | $21.7B | $24.0B | $24.1B | $24.3B | $24.9B |
| Gross profit | $9.8B | $12.9B | $14.5B | $17.2B | $22.0B | $32.8B | $19.8B | $17.7B | $13.8B | $13.5B |
| Research and development | $319M | $340M | $373M | $413M | $415M | $549M | $660M | $723M | $790M | $693M |
| Selling, general and admin | $507M | $531M | $523M | $474M | $491M | $481M | $515M | $553M | $622M | $641M |
| Operating income | $7.1B | $10.9B | $12.0B | $3.9B | $12.8B | $27.7B | $17.2B | $14.2B | $10.8B | $5.9B |
| Interest expense | $2.7B | $3.3B | $2.3B | $3.7B | $1.2B | $981M | $1.3B | $1.5B | $1.4B | $1.3B |
| Pre-tax income | $8.0B | $7.8B | $6.8B | -$156M | $7.0B | $29.5B | $19.8B | $11.2B | $6.7B | $4.7B |
| Income tax | $2.8B | $1.5B | -$172M | -$595M | $735M | $4.7B | $3.0B | $3.0B | $721M | $2.7B |
| Net income | $4.0B | $5.5B | $6.9B | -$1.7B | $4.9B | $22.4B | $18.8B | $8.0B | $6.2B | $2.4B |
| Diluted shares | 5M | 5M | 5M | 5M | 5M | 5M | 5M | 4M | 4M | 4M |
| Gross margin | 35.8% | 38.1% | 39.6% | 47.2% | 55.6% | 60.1% | 45.2% | 42.3% | 36.2% | 35.0% |
| Operating margin | 25.7% | 32.2% | 32.7% | 10.7% | 32.4% | 50.8% | 39.3% | 34.0% | 28.3% | 15.4% |
| Net margin | 14.5% | 16.2% | 18.8% | -4.6% | 12.3% | 41.2% | 42.9% | 19.1% | 16.2% | 6.1% |
Balance sheet
Fiscal years, from Vale SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $4.3B | $5.8B | $5.8B | $8.2B | $14.3B | $11.9B | $4.8B | $3.6B | $5.0B | $7.4B |
| Receivables | $3.7B | $2.6B | $2.6B | $2.5B | $5.0B | $3.9B | $4.3B | $4.2B | $2.4B | $2.3B |
| Inventory | $3.3B | $3.9B | $4.4B | $4.3B | $4.1B | $4.4B | $4.5B | $4.7B | $4.6B | $5.9B |
| Total current assets | $22.6B | $19.0B | $15.3B | $17.0B | $24.4B | $22.4B | $15.5B | $18.7B | $13.5B | $18.3B |
| Property, plant and equipment | $55.4B | $54.9B | $48.4B | $46.6B | $41.1B | $41.9B | $44.9B | $48.4B | $40.0B | $43.6B |
| Goodwill | — | — | — | — | — | $3.2B | — | — | — | — |
| Total assets | $99.0B | $99.2B | $88.2B | $91.7B | $92.0B | $89.4B | $86.9B | $94.2B | $80.2B | $86.5B |
| Total current liabilities | $11.2B | $13.1B | $9.1B | $13.8B | $14.6B | $15.2B | $13.9B | $14.7B | $13.1B | $15.9B |
| Long-term debt | $27.7B | $20.8B | $14.5B | $11.8B | $12.5B | $11.2B | — | — | — | — |
| Total liabilities | $58.0B | $54.4B | $43.4B | $52.7B | $57.2B | $54.1B | $49.5B | $53.2B | $45.6B | $52.2B |
| Shareholders' equity | $39.0B | $43.5B | $44.0B | $40.1B | $35.7B | $34.5B | $35.9B | $39.5B | $33.4B | $33.5B |
| Net debt | $25.0B | $16.7B | $9.7B | $5.7B | -$127M | $459M | -$4.7B | -$3.6B | -$5.0B | -$7.4B |
Cash flow
Fiscal years, from Vale SA ADR's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $6.4B | $12.4B | $12.9B | $12.1B | $14.3B | $25.7B | — | — | — | — |
| Capital spending | $5.0B | $3.8B | $2.9B | $2.9B | $3.7B | $4.0B | — | — | — | — |
| Free cash flow | $1.4B | $8.6B | $10.0B | $9.2B | $10.6B | $21.6B | — | — | — | — |
| Dividends paid | $250M | $1.5B | $3.3B | — | $3.4B | $13.5B | $6.6B | $5.3B | $4.4B | $5.9B |
| Share buybacks (net) | — | — | -$1.0B | — | — | -$5.5B | -$6.0B | -$2.7B | -$409M | — |
| Net borrowing | -$723M | -$7.0B | -$6.6B | -$2.3B | $736M | -$997M | -$1.0B | $1.3B | $2.2B | $4.0B |
| Free cash flow margin | 5.3% | 25.4% | 27.4% | 25.1% | 26.8% | 39.7% | — | — | — | — |
| Dividends per share | $48.10 | $280.14 | $639.82 | — | $653.07 | $2,689.92 | $1,423.74 | $1,216.87 | $1,019.92 | $1,387.52 |
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What was Vale SA ADR's revenue in 2025?
$38.4B in fiscal 2025, from its 10-K filing.
From Vale SA ADR's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.